加密市场的情绪正在改善，加密富有恐惧和贪婪指数转向“中性”（47）

这种转变是因为比特币在过去几天中攀升了5.5％，恢复了8.8万美元。发稿时，比特币已达到87,647美元左右。

The crypto market sentiment has been improving, with the Crypto Fear & Greed Index moving to “neutral” (47) today, after spending the past week in “fear” territory.

加密市场的情绪一直在改善，加密货币恐惧和贪婪指数在过去一周在“恐惧”领土上度过了“中立”（47）。

This shift comes as Bitcoin (BTC) price climbed 5.5% in the past few days, to reclaim the $88K mark. At press time, Bitcoin has settled around $87,647. Experts link this to increased institutional investments and signals from the Federal Reserve (Fed) about future rate cuts.

这种转变是因为比特币（BTC）的价格在过去几天中攀升了5.5％，以收回$ 88K。发稿时，比特币已达到87,647美元左右。专家将其与美联储（FED）的机构投资和信号的增加联系起来，内容涉及未来的削减税率。

However, market participants are actively debating whether this signals the beginning of a renewed bullish phase or simply represents a temporary pause in the market’s characteristic volatility.

但是，市场参与者正在积极辩论这表明这是重新看涨阶段的开始还是仅仅代表了市场特征波动中的暂时停顿。

What Factors Led to the Improved Market Sentiment?

哪些因素导致市场情绪改善？

The Fear & Greed Index returning to a neutral reading showcases a more balanced perspective within the crypto market. This shift follows a significant surge in institutional capital flowing into the sector.

恐惧和贪婪的指数恢复到中立的阅读，展现了加密货币市场中更加平衡的观点。这种转变是在流入该行业的机构资本的巨大激增之后。

Reports from last week indicate that over $500 million has been invested in Bitcoin alone since the beginning of last week.

上周的报道表明，自上周初以来，仅对比特币投资了超过5亿美元。

Moreover, the QCP Capital Broadcast highlighted that this sentiment shift aligns with a broader easing of risk aversion in the crypto market. The firm suggested that the sharp reversal of net outflows from Bitcoin ETFs, with 8,775 BTC ($744 million) purchased last week, signaled early signs of liquidity rotating back into crypto.

此外，QCP Capital广播强调，这种情绪转变与加密市场中的风险规避更广泛。该公司建议，来自比特币ETF的净流出的急剧逆转，上周购买了8,775 BTC（7.44亿美元），这表明流动性的早期迹象又回到了加密货币。

The rebound also coincided with a strong recovery in equity futures. However, despite this positive momentum, QCP Capital is maintaining a degree of caution.

反弹还与股票期货的强劲复苏相吻合。然而，尽管有积极的势头，QCP资本仍保持一定程度的谨慎。

The firm's analysis of the options market showed that activity levels remain moderate, indicating a neutral “wait-and-see” stance from traders. Additionally, they observed a downward trend in implied volumes and risk reversals remained stable throughout the period.

该公司对期权市场的分析表明，活动水平保持中等水平，表明交易者的中立“等待”立场。此外，他们观察到隐含体积的下降趋势，在整个时期，风险逆转仍然稳定。

How is the Federal Reserve’s Policy Impacting Crypto?

美联储的政策如何影响加密？

Last week’s Federal Open Market Committee (FOMC) meeting saw the Fed keep interest rates at 4.25% to 4.5%. The Fed also announced plans to begin scaling back its quantitative tightening program starting in April, a move that traders viewed as an indirect form of easing.

上周的联邦公开市场委员会（FOMC）会议使美联储保持利率为4.25％至4.5％。美联储还宣布了计划从4月开始开始扩大其定量收紧计划的计划，这一举动被视为宽松的间接形式。

QCP Capital believes that Chair Jerome Powell’s remarks helped calm investor concerns about a potential recession. While outside forecasts had increased the probability of a downturn, Powell maintained that the risk remained moderate.

QCP Capital认为，主席杰罗姆·鲍威尔（Jerome Powell）的言论使投资者对潜在衰退的关注感到镇定。尽管外部预测增加了经济低迷的可能性，但鲍威尔坚持认为风险仍然适中。

The firm stated that the Fed’s economic outlook was revised downward, with growth projections reduced to 1.7% for 2023. Conversely, inflation expectations rose to 2.8%, sparking concerns about stagflation.

该公司表示，美联储的经济前景已被修订，增长预测降至2023年。相反，通货膨胀预期上升到2.8％，引发了对停滞的担忧。

What Are Analysts’ Takes on This Market Turnaround?

分析师对这个市场周转的影响是什么？

The shift of the Fear & Greed Index to Neutral has sparked mixed reactions, with some analysts seeing it as a potential buying opportunity.

恐惧和贪婪指数向中性的转变引发了不同的反应，一些分析师认为这是潜在的购买机会。

However, others are cautioning that the market remains fragile and could easily swing back into fear.

但是，其他人警告说，市场仍然脆弱，很容易恢复到恐惧中。

Crypto trader and analyst Crypto Van described this range of 40 to 50 as “sneaky accumulation” territory. He explained that it’s the zone where we can expect to see more institutional investors accumulating Bitcoin in anticipation of a larger move.

加密交易员和分析师加密货车将40至50的范围描述为“偷偷摸摸的积累”领域。他解释说，这是我们可以期望看到更多的机构投资者积累比特币的区域。

Additionally, Altucard noted that traders are typically hesitant in this neutral zone. They are neither fearful enough to sell in panic or optimistic enough to buy with full conviction.

此外，Altucard指出，交易者通常在这个中立区犹豫。他们既不恐惧，以至于恐慌或乐观态度就足以以完全的信念购买。

Furthermore, X user Guru drew a comparison, suggesting that the market is currently like a “coiled spring.” He opines that the direction of Bitcoin will likely determine the fate of altcoins in the coming days.

此外，X用户大师进行了比较，这表明市场目前就像“卷曲的春天”。他认为，比特币的方向可能会在未来几天确定山寨币的命运。